Nasdaq Slumps 3% as AI Stocks Rotate Out of Favor

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2026-06-10 11:58:02

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The Nasdaq Composite tumbled roughly 3% in one of its steepest single-day declines this month, dragged down by a selloff in artificial intelligence and semiconductor stocks. High-flying tech names that had driven this year's rally reversed sharply as investors locked in profits.

Intel slid more than 4%, erasing gains tied to speculation about Alphabet potentially using its foundry services. The retreat underscores how quickly sentiment can shift in tech sectors, even for companies with promising catalysts.

Commodity markets saw parallel moves, with Brent crude oil dropping over 4% toward $90 per barrel. Meanwhile, OpenAI continues drawing investor attention amid growing IPO speculation—a potential landmark event for the AI industry.

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